Grand design for your home

13:57, 4 March 2011

ByManchester Evening News

The housing market is almost as gloomy as the weather - but don't despair if you can't sell. There are still plenty of ways that your home can make you money, from renting it out as a holiday home to bringing in a film crew.

THE housing market is almost as gloomy as the weather. Average house prices have fallen enormously by 14.6% in the last 12 months, according to Nationwide.

But don't despair if you can't sell. There are still plenty of ways that your home can make you money, from renting it out as a holiday home to bringing in a film crew.

ON LOCATION

Fancy your home as a film star? Then you could rent it out to film or TV production companies, or for photoshoots. All types are sought, from normal family homes, through contemporary conversions, to classic period homes.

Big rooms help, as does easy parking. Registering with an agency is simple: fill in a form and send in some photos of your house. It's usually free, with the agency taking a percentage of any fees.

These can vary from about £250 for a photoshoot to more than £3,000 a day in a special property for a film or TV shoot.

HOUSE SWAPPING

Using your home for house swapping is a great way to enjoy cheaper holidays. The idea is that you holiday in someone else's home while they stay in yours.

Various agencies specialise in this (and you can find exchange homes all over the world, as well as in the UK. Agencies charge from £30 to £115 a year, but that's all you pay, so you could save hundreds on hotel bills.

If you are comfortable with this arrangement, then not having to pay for accommodation on holiday could mean a more exotic location, a longer stay, or more money for indulgences.

EVENT RENT

If you live near a sporting or festival venue, you could cash in by renting it out to participants or fans. Wimbledon and Henley, as well as Edinburgh and Glastonbury could all provide such opportunities.

Rental incomes vary depending on the property and the location, but generally you can charge much more for short lets than long ones. Check with local agents for rates.

Your earnings will obviously be dependent on where you live.

However, if you live near a prime venue you could earn enough to cover a two-week holiday while someone else looks after your home.

RENT OUT A ROOM

One of the most obvious ways to make money from your home is to rent out a room.

There are various options: a full-time lodger, a Monday-to-Friday lodger, or a more short-term arrangement, such as playing host to a foreign language student during term time.

The average monthly rent is £289 per month, so that's an extra £3,468 a year. What's more, the Rent-a-Room scheme allows you to receive £4,250 tax-free. To qualify, the room must be in your main home and furnished. If you have a mortgage, check your lender's and insurer's terms and conditions.

Renting out a room is the way most people make money from their homes. It's convenient because it can be short term or long term, you control who you let to and you can make up to £4,250 a year tax-free. See www.which.co.uk/advice/your-home
for more on your legal obligations.

DRIVEWAY TO SUCCESS

If you have space to spare on your drive, you could rent that out. You can list your driveway or garage for free on a variety of websites to find a motorist looking for parking.

It's up to you to decide how much to charge, but the going rate depends on location, demand, and facilities such as lighting and security.

Most people can expect to earn around £30 a week. Check whether your insurance covers you for renting out the space.

If you have the space, this can be a lucrative and less obtrusive way of earning money from your property.

You may not earn as much as from renting a room but if you live in a city centre, near major attractions or near transport links, some spaces can net up to £3,000 a year, especially near football grounds such as Old Trafford and the City of Manchester Stadium.

REGATTA REAPS RENTAL REWARDS

Max and Carla Jones benefit from their home's location in Henley each year when the Henley Royal Regatta comes around.

With an annexe which sleeps up to four people and rents varying from £20 to £25 per person per night, they can make up to £500 over five days.

Max told us: "Renting out a room during events is much easier than other types of rental because there's no need to advertise.

"It's just a case of getting your rooms on the Royal Regatta headquarters list, which it sends out to rowing clubs. It's hassle-free, too.

"The rowers pretty much look after themselves. Our involvement is minimal.

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